(CercleFinance.com) – UBS confirms its buy advice on the stock with a price target of E16.3 after the announcement of the results for the 3rd quarter of 2023.
The analyst highlights the good results with limited repercussions compared to the consensus. ‘The focus is on updating the strategy today.’
‘ Commerzbank announced pre-tax profit of 1,109 million euros for the 3rd quarter of 2023, 15% higher than consensus. Total revenue was 3% above consensus. Total costs also increased by 1%. Operating profit before provision is 15% higher than consensus,’ indicates UBS.
Recall that Commerzbank estimates that by 2027, its net profit should reach 3.4 billion euros and its return on tangible equity (RoTE), more than 11%, with an operating ratio improved to around 55%.
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